Key points of the Comprehensive Spending Review
Deep cuts to many government departments and up to half a million public sector jobs in jeopardy. Chancellor George Osborne stressed that "we are all in this together" as he unveiled the government's Comprehensive Spending Review.
So what was annnounced? Here are the key points.
Overview Overall savings: department cuts will amount to 19% over the next four years, rather than the 25% the chancellor had originally anticipated National debt: debt interest payments will be lowered by a total of £5 billion over the course of the review Treasury savings: overall budget will be reduced by 33% Whitehall savings: originally pegged at £3 billion, these will in fact be £6 billion Job losses: public sector job losses estimated at 490,000 Bank levy: permanent bank levy to be introduced